Cboe reports retail traders aggressively buying calls on Mag 10 stocks amid AI rally

Retail investors aren’t just dipping their toes back into big tech. They’re cannonballing in.

Cboe Global Markets is reporting that retail call option volume on the so-called “Mag 10” stocks has surged to its heaviest 10-day stretch since 2021. A full 52% of new positions are call buys, compared to just 17% sells. In English: for every retail trader betting these stocks will fall, roughly three are betting they’ll rise.

The Mag 10 and the AI trade

The Mag 10 isn’t a term you’ll find in most finance textbooks yet, but it’s becoming increasingly relevant. The group expands on the now-familiar Magnificent 7, the mega-cap tech names that dominated markets over the past two years, by adding AMD, Broadcom, and Palantir to the mix. All three additions share a common thread: they’re deeply embedded in the artificial intelligence supply chain or application layer.

Cboe tracks these names through its Magnificent 10 Index, ticker MGTN. That index is up 22% since the end of March 2026.

The current wave of bullish aggressiveness from retail traders is, according to Cboe’s own analysis, at the highest levels since the COVID-19 lockdown period.

Why calls, and why now

The timing isn’t random. Smaller investors are piling into these positions ahead of significant tech earnings releases, according to Cboe’s analysis.

The 52% call-buy figure is striking when you compare it to the 17% on the sell side. That kind of skew doesn’t just indicate optimism. It indicates a market where retail participants are actively chasing momentum rather than hedging existing positions.

Cboe’s product expansion and what it signals

Cboe isn’t just observing this trend. It’s building infrastructure around it. The exchange operator plans to list both A.M.- and P.M.-settled options on the MGTN index, along with futures and options designed for nearly 24×5 trading. This follows the initial Q4 2025 launch of the index products.

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